TD Cowen Trims Western Digital (NASDAQ:WDC) Target Price to $80.00

Western Digital (NASDAQ:WDC) had its price target decreased by TD Cowen from $95.00 to $80.00 in a report released on Friday, MarketBeat.com reports. TD Cowen currently has a buy rating on the data storage provider’s stock.

Several other equities analysts also recently issued reports on WDC. Mizuho boosted their price objective on Western Digital from $80.00 to $90.00 and gave the stock a buy rating in a research report on Friday, May 31st. Susquehanna decreased their target price on shares of Western Digital from $88.00 to $75.00 and set a neutral rating for the company in a report on Friday, August 2nd. Loop Capital upped their price target on Western Digital from $90.00 to $100.00 and gave the company a buy rating in a research report on Tuesday, June 4th. Wedbush boosted their price target on shares of Western Digital from $85.00 to $95.00 and gave the company an outperform rating in a report on Monday, July 22nd. Finally, Citigroup dropped their price objective on Western Digital from $95.00 to $85.00 and set a buy rating on the stock in a report on Tuesday, September 10th. Six equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $83.05.

Western Digital Stock Up 2.8 %

Shares of NASDAQ WDC opened at $65.02 on Friday. The firm has a 50-day moving average price of $66.01 and a 200 day moving average price of $69.45. The stock has a market capitalization of $21.23 billion, a price-to-earnings ratio of -13.08 and a beta of 1.39. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.53. Western Digital has a 52 week low of $35.62 and a 52 week high of $81.55.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Wednesday, July 31st. The data storage provider reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.17. The business had revenue of $3.76 billion during the quarter, compared to the consensus estimate of $3.77 billion. Western Digital had a negative return on equity of 2.63% and a negative net margin of 3.75%. Equities research analysts anticipate that Western Digital will post 7.75 EPS for the current fiscal year.

Insider Transactions at Western Digital

In related news, SVP Gene M. Zamiska sold 2,169 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $61.96, for a total value of $134,391.24. Following the sale, the senior vice president now owns 32,601 shares in the company, valued at $2,019,957.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP Robert Soderbery sold 12,154 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $57.09, for a total value of $693,871.86. Following the transaction, the executive vice president now directly owns 128,413 shares in the company, valued at approximately $7,331,098.17. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Gene M. Zamiska sold 2,169 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $61.96, for a total value of $134,391.24. Following the transaction, the senior vice president now owns 32,601 shares of the company’s stock, valued at $2,019,957.96. The disclosure for this sale can be found here. In the last three months, insiders sold 17,955 shares of company stock valued at $1,053,560. Corporate insiders own 0.28% of the company’s stock.

Institutional Investors Weigh In On Western Digital

A number of hedge funds have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC acquired a new stake in Western Digital during the second quarter worth approximately $1,278,000. Ghisallo Capital Management LLC acquired a new stake in Western Digital in the second quarter valued at approximately $13,260,000. Maven Securities LTD increased its position in shares of Western Digital by 44.4% during the second quarter. Maven Securities LTD now owns 5,760 shares of the data storage provider’s stock worth $436,000 after acquiring an additional 1,772 shares during the last quarter. Connective Capital Management LLC acquired a new position in Western Digital during the 2nd quarter worth $1,036,000. Finally, Quarry LP lifted its stake in Western Digital by 154.2% during the second quarter. Quarry LP now owns 760 shares of the data storage provider’s stock worth $58,000 after purchasing an additional 461 shares during the last quarter. Institutional investors and hedge funds own 92.51% of the company’s stock.

About Western Digital

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.